As per our analysis report, the global healthcare IT market size be at USD 205.55 Billion in 2024 and is projected to reach USD 426.91 Billion by 2029, growing at a CAGR of 15.74% during the forecast period. Globally, the Asia Pacific market is the largest of all the regions and is also likely growing the fastest. Therefore, it is expected to account for a significant healthcare IT market share globally during the forecast period.
Healthcare IT is the technology that supports health information management by securely exchanging health information between consumers, providers, payers, and quality monitors. These systems will providently improve healthcare services and also increase healthcare productivity. For example, it is known that around 94% of hospitals are using EHR data that leverage the performance of the hospital processes. Simultaneously, 82% of the respondents use EHR data to develop the services and 81% monitor patient safety.
Global Healthcare IT Market Drivers:
The rising number of people suffering from chronic illness and the growing prevalence of cloud-based computing systems, which are very efficient in identifying and detecting diseases, are majorly propelling the global healthcare IT market growth. The core point of delivering effective patient care through Healthcare IT is significantly accelerating the market growth. In addition, ongoing research and development activities in developing new technologies for healthcare and initiatives taken by various government and non-government authorities to improve healthcare infrastructures further favor the healthcare IT market.
Additionally, the rapid adoption of the latest technologies in healthcare and the government's introduction of an EHR incentive program will likely boost market demand. Rising funds from public and private organizations and growing support from IT companies in launching innovative healthcare applications are expected to increase the demand levels for healthcare IT. The trend towards adopting digital healthcare platforms is increasing yearly, which is predicted to fuel market growth. Technological advancements, the growing patient pool population, and an increasing need to curtail the costs of healthcare services are also expanding the market's growth rate.
Furthermore, associated benefits such as the growing need for regulatory compliance management through health informatics solutions, government support for healthcare IT solutions, the increasing need to reduce rising health costs, the high return on investment of HCIT solutions, the growing focus on improving the quality of care and the clinical outcomes of responsible care organizations, and the increasing use of Big Data analytics are driving the IT market in the healthcare sector. Furthermore, the growing population, the development of efficient and productive healthcare systems and processes due to technological enhancements, and the increasing demand for healthcare IT solutions among the public also favor market growth. In addition, changes in policies and regulations due to the high requirement of IT services for effective management of the process, reduction of errors in health care, and adoption of IT solutions and systems in healthcare can reduce operational costs and increase the focus of private and public organizations in R&D are further supporting the market growth.
Global Healthcare IT Market Restraints:
The factors limiting the growth of the global healthcare IT market are high storage capacity devices and effective software solutions to accommodate massive amounts of data, the potential threat of cybercrimes, and the high energy requirement leading to rising IT solutions costs in healthcare. The high cost of installing and maintaining the devices and less awareness of healthcare services, especially in rural areas, slowly degrades the healthcare IT market. In addition, increasing real-time issues and strict government regulations in approving innovative healthcare techniques impede market demand. Also, a rise in data security issues and an increasing number of fraudsters limit the market's demand. Besides, privacy concerns are degrading the growth rate of the healthcare IT market. Furthermore, people in rural areas have less network coverage, which is challenging for market players.
COVID-19 impact on the Healthcare IT market:
The spread of COVID-19 is a boom for the market to grow enormously. The novel coronavirus disease has disrupted every sector but not the digital healthcare platforms. Though the governments imposed a lockdown in almost every country during the first half of 2020, there is a need to continue the essential healthcare services. While healthcare sectors are busy treating COVID-19 patients worldwide, it is challenging to maintain curative services for children, elders, and people with chronic illnesses. It is a significant challenge for healthcare providers to balance the services provided to coronavirus-affected patients and supply essential healthcare services. In this fight against the COVID-19 pandemic, healthcare IT is crucial in providing effective and efficient healthcare services worldwide. As healthcare professionals are the frontline warriors in this fight, they are pretty busy treating the number of COVID-19 patients.
The use of healthcare IT technologies made them time to give treatment services to people online. This will also help control the spread of the coronavirus as there is no need to visit the hospitals. World Health Organization has put complete efforts into the development of healthcare IT. To promote safe and high-quality services to the people through online consultancy, WHO took the targeted decisions in developing the applications in favor of the end-users. For many people, COVID-19 is affected with mild symptoms like fever, cold, and cough, and these people are getting treated at home simply by consulting doctors online. This will surely help in controlling the spread of disease transmission. Therefore, the global healthcare IT market growth is expected to accelerate with the support of COVID-19 and is predicted to register new growth heights.
Market Size Available
2023 to 2029
2024 to 2029
By Products & Services, Component, End-User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leader Profiled
McKesson Corporation (US), Epic Systems Corporation (US), Cerner Corporation (US), GE Healthcare (US), Philips Healthcare (Netherlands), Athena Health, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Oracle Corporation (US), Cognizant Technology Solutions Corporation (US).
This research report has segmented and sub-segmented the global healthcare IT market based on the products, services, components, end-user, and region.
Global Healthcare IT Market– By Products & Services:
Based on the products and services, the EHR segment was the global healthcare IT market leader in 2023. The increasing adoption of advanced technologies in healthcare is a key factor for the segment to grow. The growing demand for artificial intelligence and cloud-based technologies is solely to gear up the market demand. Growing support for using EHR in developed and developing countries is ascribed to bolstering the market's growth rate.
The telehealth segment is forecasted to perform well during the forecast period due to the increasing incidences of infectious diseases. Furthermore, a growing number of smartphone users is propelling the growth rate of this segment. By 2028, it is estimated that the smartphone penetration rate will be 77.0%. In addition, frequent update in the IT sector is likely to flourish the growth rate of the healthcare IT market.
Global Healthcare IT Market - By Component:
The services segment is estimated to dominate the global healthcare IT market during the forecast period. Implementing new technologies to provide high-quality treatment services is a positive factor for market growth.
The software and Hardware segment are in the following position and are predicted to hold a substantial share of the global HCIT market during the forecast period.
Global Healthcare IT Market - By End-user:
The Provider segment is estimated to dominate the global healthcare IT solutions market based on end-user due to the government's initiatives to improve efficiency and control costs of healthcare services and quality care. In addition, the rapid adoption of new technologies by healthcare providers and the demand to lower human errors are prompting the growth rate of this segment.
Global Healthcare IT Market - By Region:
The APAC regional market is predicted to lead the global healthcare IT market during the forecast period. Furthermore, it is likely to expand its contribution in share during the forecast period due to emerging economies of countries like India and China owing to increasing population, growing cases of geriatric and chronic diseases, rise in per capita income, raising awareness of technological advancements, and doubled focus of market players leading to swelling in investments.
The North American healthcare IT market is projected to showcase a significant growth rate during the forecast period. It is expected to persist trend with rising CAGR; the factors that are boosting the growth of healthcare IT solutions in this region change in regulations due rise in the required rate of quality healthcare and safety of patients, growing expenditures in healthcare, availability of IT infrastructure, intensified competition between the key market players in the region.
KEY MARKET PLAYERS:
A few of the noteworthy companies dominating the global healthcare IT market profiled in this report are McKesson Corporation (US), Epic Systems Corporation (US), Cerner Corporation (US), GE Healthcare (US), Philips Healthcare (Netherlands), Athena Health, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Oracle Corporation (US), Cognizant Technology Solutions Corporation (US), Dell Technologies (US), Optum, Inc. (US), and Infor, Inc. (US).
RECENT HAPPENINGS IN THE HEALTHCARE IT MARKET:
As per our research report, the global healthcare IT market size is expected to value USD 426.91 billion by 2029.
Yes, we have studied and included the COVID-19 impact on the global healthcare IT market in this report.
Based on component, the services segment is predicted to occupy the leading share of the global healthcare IT market during the forecast period.
McKesson Corporation (U.S.), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), Athena Health, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), Optum, Inc. (U.S.), and Infor, Inc. (U.S.) are some of the prominent companies in the global healthcare IT market.
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